Convention on Limitation of Liability for Maritime Claims (LLMC)

The Convention on Limitation of Liability for Maritime Claims (LLMC) is an international treaty that sets rules for limiting the financial responsibility of shipowners and operators when accidents occur at sea. It allows them to limit the amount they must pay for damages or losses, based on the size of their vessel. This helps ensure that shipowners can remain solvent while providing compensation for those affected by maritime incidents. The LLMC aims to balance the interests of maritime business and the rights of victims, promoting safety and economic stability in the shipping industry.